Last-Mile Specialist Stuart Acquired by Mutares

London, 4 December, 2023 – SRT Group, parent company of leading last-mile delivery platform Stuart, announced on Thursday, 30 November 2023, its acquisition by Munich-based private equity holding company Mutares from Geopost.

Founded in Paris in 2015, Stuart has experienced rapid growth in on-demand food and grocery delivery. Generating over EUR 400 million in revenues in 2022, Stuart’s scalable model has been replicated in over 100 cities across Europe to meet rising consumer demand.

Mutares’ expertise presents a pivotal opportunity to further accelerate Stuart’s sustainable delivery offering across sectors by diversifying revenue streams and streamlining its offerings for its customers.

Mutares brings extensive experience strengthening market-leading platforms across industries. With a clear focus on sustainability and right-sizing operations, this acquisition aims to further cement Stuart’s competitive position for on-demand urban delivery.

“We’re thrilled to start this new chapter with Mutares, driving the future of urban delivery,” said Cornelia Raportaru, CEO of Stuart. “As leaders in tech-enabled logistics, Stuart and Mutares share an ambition to pragmatically grow our business while remaining committed to serving customers and reducing environmental impact. We look forward to pioneering ever-more innovative delivery solutions.”


About Stuart

Stuart is a tech logistics company that has revolutionised urban delivery since it was founded in Paris in 2015. Committed to providing logistics for a sustainable world, Stuart connects businesses of all sizes to high-quality independent couriers to offer industry-leading delivery built on precision, speed, and flexibility. This is powered by innovative logistics technology and operational expertise, allowing global retailers and local businesses to meet their customers’ needs for on-demand, same-day, and next-day delivery. Stuart currently operates millions of deliveries every month across over 100 cities in the UK, France, Spain, Portugal, Poland and Italy.

About Mutares SE & Co. KGaA

Mutares SE & Co. KGaA, Munich (, as a listed private equity holding company with offices in Munich (HQ), Amsterdam, Frankfurt, Helsinki, London, Madrid, Milan, Paris, Shanghai, Stockholm, Vienna and Warsaw, acquires medium-sized companies in special situations, based in Europe, which show significant operational improvement potential and are sold again after undergoing a repositioning and stabilization process. For the fiscal year 2023, consolidated revenues of EUR 4.8 billion to EUR 5.4 billion are expected. Based on this, consolidated revenues are to be expanded to approx. EUR 7 billion by 2025 and EUR 10 billion by 2028. As the portfolio grows, so do consulting revenues, which together with portfolio dividends and exit proceeds accrue to the Mutares Holding. Accordingly, net income in the holding company is expected to be in the range of EUR 125 million to EUR 150 million for the fiscal year 2025 and EUR 200 million for the fiscal year 2028. The Management Board and Supervisory Board together hold more than one-third of all Mutares shares with voting rights. The shares of Mutares SE & Co. KGaA are traded on the Regulated Market of the Frankfurt Stock Exchange under the symbol "MUX" (ISIN: DE000A2NB650).

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